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Frequently Asked Questions
Q: What are the qualifications and income requirements to purchase an HACE Home?
Please see below for the qualifications and income limits by household size:
Qualifications for Buying our Homes:
- Be a First Time Homebuyer or haven't owned in a home in the last 3 years
- Make under 80% of Area Median Income (AMI) for your household size
- Able to obtain a mortgage with a participating Turn the Key lender
- Successfully complete a First Time Homebuyer workshop and a 1-on-1 counseling session with HACE CDC, a HUD-Certified, non-profit housing agency
Household Income Must be Less Than:
- Family Size of 1: $66,850
- Family Size of 2: $76,400
- Family Size of 3: $85,950
- Family Size of 4: $95,500
- Family Size of 5: $103,150
- Family Size of 6: $110,800
- Family Size of 7: $118,450
- Family Size of 8: $126,100
- Each Person After 8: +$7,650
Q: Is the income qualification based on my net pay or gross pay?
Income is based on your gross pay (before taxes and deductions). Your income is based on the gross amount which is the amount before all payroll taxes and payroll deductions. Please see box number one on your W2 form for the amount which will be used.
Q: What documentation is needed to qualify for an HACE home?
All household members obtaining a mortgage must provide:
- Copy of photo identification
- Certificate of completed homebuyer counseling session
All employed household members must provide:
- Pay Stubs: Copies for most recent 2 months (to include year to date earnings)*
- Federal Income Tax IRS 1040 Returns: Executed copies of last two years with copies of W-2 forms
- Verification of Employment (VOE)*
*Self-employed household members do not need to provide pay stubs or verification of employment
Each household member with non-employment income must provide documentation of non-employment income (if applicable)
Household members with accounts and/or assets must provide most recent bank and investment statements or statements of other assets (for past 3 months)
Q: Can grant programs be used toward the purchase of workforce homes?
Yes, workforce housing works with the Turn the Key Initiative, Philly First, and lender first time homebuyer programs. Programs can be layered.
Q: If I have bad credit, can I buy an HACE home?
We can direct you to resources who can help you improve your credit so that you may qualify in the future.
Q: What are the deed restrictions on workforce homes?
Homebuyers are expected to reside in the home for 15 years as an owner occupant.
Home is not permitted to be a rental property or Airbnb.
Q: Can I sell my HACE Home in the future?
If the first homebuyer resells the property before the 15-year compliance period, then they must come back to the Land Bank. The Land Bank will calculate the resale price based on the recorded Declaration of Restrictive Covenants (DoRC). The second homebuyer must be income-qualified by the Land Bank before any sale can happen. Finally, the second homebuyer must accept the 15-year resale restriction.
